FOMC Minutes

Meeting of Federal Open Market Committee

March 7,

1980

MINUTES OF ACTIONS

A meeting of the Federal Open Market Committee was

held on Friday, March 7,

1980.

This was a telephone conference

meeting, and each individual was in Washington, D.

C.,

except

as otherwise indicated in parentheses in the following list

of those participating.

PRESENT:

Mr. Volcker, Chairman

Mr. Guffey

Mr. Morris

Mr. Partee

Mr. Rice

Mr. Roos

Mr. Schultz

Mrs. Teeters

Mr. Wallich

Mr. Winn

(Kansas City)

(Boston)

(St. Louis)

(San Francisco)

(Cleveland)

Messrs. Baughman (Dallas), Eastburn (Philadelphia),

Timlen (New York), and Willes (Minneapolis),

Alternate Members of the Federal Open Market

Committee

Messrs. Balles (San Francisco), and Kimbrel

(Atlanta), Presidents of the Federal Reserve

Banks of San Francisco and Atlanta, respectively

Mr.

Mr.

Mr.

Mr.

Mr.

Altmann, Secretary

Bernard, Assistant Secretary

Petersen, General Counsel

Oltman(New York), Deputy General Counsel

Axilrod, Economist

Messrs. R. Davis (New York), Ettin, Keir,

Kichline, and Truman, Associate Economists

Mr. Sternlight (New York), Manager for

Domestic Operations, System Open

Market Account

Mr. Pardee (New York), Manager for Foreign

Operations, System Market Account

3/7/80

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Mr. Allison, Secretary, Office of the

Secretary, Board of Governors

Mr. Coyne, Assistant to the Board of

Governors

Ms. Farar, Economist, Open Market

Secretariat, Board of Governors

Mr. Burger (St. Louis), Assistant Vice

President, Federal Reserve Bank of

St. Louis

By unanimous vote, the Committee raised the upper

limit of the intermeeting range for the federal funds rate

specified in the outstanding domestic policy directive to 18

percent, thereby, establishing a range of 11-1/2 to 18 percent.

Secretary